Hyderabad: Kokapet land attracts record bid of Rs 60 crore per acre

Hyderabad: Hyderabad reaffirmed its position as one of the most dynamic cities in the country, showing that the pandemic had done nothing to dampen the tempo set for development here with a mega e-auction of land plots by the State government on Thursday triggering an overwhelming response from across the country. By the end of the day, the total bid amount for just eight land parcels in Kokapet measuring 49.949 acres stood at a staggering Rs 2,000.37 crore.

This included the highest ever bid amount of Rs 60.20 crore per acre for plot no 2/P (West Part) measuring 1.65 acres. The plot, aptly located in the Golden Mile Layout at Kokapet had Rajapushpa Realty LLP successfully bidding for a total of Rs 99.33 crore. Earlier, even though the process was done online, spirited bids went past the upset bid amount of Rs 25 crore, and ranging from Rs. 31.20 crore per acre to Rs 60.20 crore per acre with a weighted average bid amount of Rs 40.05 crore per acre.

According to a press release by Hyderabad Metropolitan Development Authority (HMDA), the ‘tremendous response’ from the market was an affirmation for the city as the favourite destination for investment, whether it is in growth, creating more employment opportunities, or in the real estate sector. Principal Secretary (MA&UD) Arvind Kumar, said the auction confirmed Hyderabad and Telangana as clearly the number one choice and destination in India.
The e-auction had 60 bidders participating, with seven of the eight plots being part of the Kokapet Neopolis layout, measuring 48.27 acre while the remaining one was the costliest one in the Golden Mile layout.

The land parcel that generated the highest revenue in the auction was Plot number 4 in Neopolis layout measuring 8.946 acre. The top bid stood at Rs 39.20 crore per acre with Aqua Space Developers Private Limited being the successful bidder with Rs 350.68 crore. The second highest revenue generator was plot number 2 in the same layout, going at Rs 42.4 crore per acre with the successful bidder being Rajapushpa Properties Pvt Ltd with Rs 328. 81 crore.

The first session of the auction saw four land parcels measuring 30.778 acre getting bids for Rs 1,222.22 crore. The second session saw Plot number 4, Plot number 13, Plot A on Road number 7 on the southern side of Neopolis layout and the plot at Golden Mile Layout, measuring 19.171 acre, getting bids for Rs 778.15 crore.
The e-auction was done by MSTC Limited.